Orient Finance : Unaudited Interim Financial Statements as at 30th June 2022

ORIENT FINANCE PLC

Unaudited Interim Financial Statements

For the Three Months Ended 30 June 2022

ORIENT FINANCE PLC			Page 01
INCOME STATEMENT
For the quarter ended 30th June		2021
2022
	Rs.		Rs.
Income	809,809,044	638,508,253
Interest income	771,830,314	596,430,306
Interest expenses	(423,144,698)	(266,880,775)
Net interest income	348,685,616	329,549,532
Fee and commission income	17,554,338	21,526,040
Other operating income	20,424,392	20,551,906
Total operating income	386,664,346	371,627,478
Impairment charges for loans and receivables to customers	(15,043,934)	(35,209,888)
Net operating income	371,620,412	336,417,590
Operating expenses
Personnel expenses	(151,298,332)	(112,602,525)
Depreciation and amortization	(16,409,887)	(13,496,670)
Other operating expenses	(115,942,807)	(133,270,862)
Operating profit/(loss) before Value Added Tax and NBT	87,969,386	77,047,534
Value Added Tax and NBT on financial services	(21,559,905)	(17,168,833)
Profit /(loss) before income tax	66,409,480	59,878,701
Income tax expense	-	-
Profit/(loss) for the period	66,409,480	59,878,701
Other comprehensive income/(expenses)
Change in fair value of financial assets at fair value through other	(10,840,133)	3,912,408
comprehenisve income
Total comprehensive income/(expenses) for the period net of tax	55,569,347	63,791,109
Basic earnings per share (Rs.)	0.31	0.28
Diluted earnings per share (Rs.)	0.31	0.28

Figures in brackets indicate deductions.

Colombo

15th August, 2022

ORIENT FINANCE PLC			Page 02
STATEMENT OF FINANCIAL POSITION	0
As At			31st March
30th June
	2022	2022
	Rs.		Rs.
ASSETS
Cash and cash equivalents	255,903,451	296,439,735
Financial assets - fair value through other comprehensive income	744,269,720	725,704,749
Loans and receivables	13,708,897,780	14,125,811,999
Investments with banks and other financial institutions	34,161,303	242,460,738
Other assets	165,122,337	255,411,953
Real estate stock	10,271,618	9,338,093
Deferred tax asset	370,832,054	371,600,809
Goodwill	564,545,746	564,545,746
Brand value	235,880,000	235,880,000
Intangible assets	34,899,935	37,899,935
Property, plant and equipment	77,177,363	84,505,805
Right-of-use-assets	115,496,075	115,496,075
Investment properties	662,150,002	662,150,002
Total assets	16,979,607,384	17,727,245,639
LIABILITIES
Due to banks - bank overdrafts	548,199,714	680,571,641
Deposits from customers	9,340,585,157	9,204,263,013
Interest bearing borrowings	3,411,921,652	3,874,859,251
Right-of-use of Liability	76,660,167	76,660,167
Other Liability	165,378,064	514,908,252
Retirement benefit obligations	49,413,947	44,103,980
Total liabilities	13,592,158,701	14,395,366,304
EQUITY
Stated capital	2,431,879,039	2,431,879,039
Statutory reserve fund	375,736,747	375,736,747
Revaluation reserve	141,120,773	141,120,773
Retained earnings	438,712,124	383,142,776
Total equity	3,387,448,683	3,331,879,335
Total equity and liabilities	16,979,607,384	17,727,245,639
Net assets per share	16.05	15.78

Figures in brackets indicate deductions.

The financial statements are in compliance with the requirements of the Companies Act No.07 of 2007.

Sgd	Sgd
Sanjeeva Jayasinghe	K.M.M. Jabir
Chief Financial Officer	Chief Executive Officer/Director

The Board of Directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of the Board.

Sgd	Sgd
Rajendra Theagarajah	Prakash Schaffter
Chairman	Director
Colombo
15th August, 2022

ORIENT FINANCE PLC					Page 03
STATEMENT OF CHANGES IN EQUITY
For the period ended 30th June
		Statutory reserve	Revaluation
	Stated Capital	fund	reserve	Retained earnings	Total
	Rs.	Rs.	Rs.	Rs.	Rs.
Balance as at 01st April, 2021	2,431,879,039	330,437,030	141,120,773	(16,506,832)	2,886,930,010
Profit/(Loss) for the year	-	-	-	452,997,166	452,997,166
Other comprehensive income (expense) net of taxes	-	-	-	(8,047,841)	(8,047,841)
Transfer to statutory reserve		45,299,717		(45,299,717)	-
Balance as at 31st March, 2022	2,431,879,039	375,736,747	141,120,773	383,142,776	3,331,879,335
Balance as at 01st April, 2022	2,431,879,039	375,736,747	141,120,773	383,142,776	3,331,879,335
Profit/(Loss) for the quarter	-	-	-	66,409,480	66,409,480
Other comprehensive income (expense) net of taxes	-	-	-	(10,840,133)	(10,840,133)
Balance as at 30th June 2022	2,431,879,039	375,736,747	141,120,773	438,712,123	3,387,448,683

Figures in brackets indicate deductions.

Colombo

15th August, 2022

ORIENT FINANCE PLC				Page 04
STATEMENT OF CASH FLOWS
For the period ended 30th June	2022	2021
	Rs.			Rs.
Cash flows from operating activities
Profit/(loss) before income tax expense	66,409,480	59,878,701
Adjustment for:
Depreciation/amortization	16,409,887	13,496,670
Profit on disposal of property, plant and equipment	-	(101,000)
Impairment charges for loans and receivables to customers	15,043,934	35,209,888
Finance expenses	423,144,698	266,880,775
Investment income	(26,312,055)	(10,606,674)
Provision for gratuity	5,309,967	5,055,000
Operating profit/(Loss) before working capital changes	500,005,912	369,813,360
Change in loans and receivables to customers	401,870,285	(193,398,748)
Change in other assets	90,289,616	(22,091,750)
Change in deposits from customers	136,044,788	187,214,562
Change in other liabilities	(349,530,188)	85,675,766
	278,674,501		57,399,830
Rent Paid	(73,674,667)	(21,166,928)
Interest paid	(276,491,046)	(202,513,505)
Gratuity paid	-	(1,230,145)
Net cash from/(used in) operating activities	428,514,700	202,302,612
Cash flows from investing activities	-	-
Acquisition of property, plant and equipment and intangible assets	-	5,602,627
Expenses incurred for real estate stock	(933,525)	-
Net change in available for sale financial assets	(29,405,103)	15,891,318
Net change in investments with bank and other financial instituitions	204,772,432	(200,491,732)
Investment income received	19,288,510	10,606,674
Net cash generated from/(used in) investing activities	193,722,313	(168,391,114)
Cash flows from financing activities
Interest bearing borrowings obtained	1,300,000,000	1,025,000,000
Repayment of interest bearing borrowings	(1,653,218,233)
Interest Paid on Borrowings	(177,183,137)	(1,124,920,782)
Net cash generated from/(used in) financing activities	(530,401,370)	(99,920,782)
Net change in cash and cash equivalents	91,835,643	(66,009,284)
Cash and cash equivalents at the beginning of the period	(384,131,906)	145,981,051
Cash and cash equivalents at the end of the Quarter (Note A)	(292,296,263)	79,971,767
Analysis of cash and cash equivalents at the end of the period
Cash in hand	166,601,058	131,958,378
Cash at bank	89,302,392	111,604,729
Bank overdrafts - secured	(548,199,714)	(163,591,341)
	(292,296,263)		79,971,767

Figures in brackets indicate deductions.